What are the potential issues with using MD5 for password hashing in PHP?

Using MD5 for password hashing in PHP is not secure because it is considered a weak hashing algorithm that can be easily cracked using modern computing power. It is recommended to use stronger algorithms like bcrypt or Argon2 for password hashing to ensure better security for user passwords.

$password = "password123";
$hashed_password = password_hash($password, PASSWORD_BCRYPT);